Waxhaw Real Estate Market Update: May 2024
Welcome to the Waxhaw real estate market update for May 2024. This month, we take a closer look at the overall Waxhaw market and the Millbridge neighborhood, comparing the latest statistics with those from May 2023. This detailed analysis provides valuable insights for homeowners, buyers, and investors looking to navigate the local real estate landscape.
Waxhaw Market Overview
The Waxhaw real estate market in May 2024 reveals significant trends in new listings, closed sales, and inventory levels.
New Listings and Inventory
New Listings: Waxhaw saw a 13.8% increase in new listings, with 132 homes listed in May 2024 compared to 116 in May 2023. Year-to-date new listings also rose by 18%, from 394 in 2023 to 465 in 2024.
Inventory: The inventory of homes for sale nearly doubled, increasing by 92.8% from 69 homes in May 2023 to 133 in May 2024. The months' supply of inventory rose significantly by 133.3%, from 0.9 months to 2.1 months. This increase provides buyers with more options and could ease the competitive pressure.
Closed Sales and Market Activity
Closed Sales: There was a slight decline in closed sales, with 82 homes sold in May 2024 compared to 85 in May 2023, a 3.5% decrease. Year-to-date, closed sales fell by 15.9%, from 345 in 2023 to 290 in 2024.
Pricing Trends
Median Sales Price: The median sales price rose by 7.8%, reaching $684,500 in May 2024 compared to $635,000 in May 2023. Year-to-date, the median sales price increased by 15.8%, from $625,000 in 2023 to $723,930 in 2024.
Average Sales Price: The average sales price saw a significant rise, up by 26.5% from $734,357 in May 2023 to $929,319 in May 2024. Year-to-date, the average sales price increased by 19.1%, from $725,987 in 2023 to $864,897 in 2024.
Market Efficiency
Original List Price Received: Sellers received 100.3% of their original list price on average in May 2024, a slight increase from 100.1% in May 2023. Year-to-date figures also improved, with sellers receiving 99.3% of the original list price in 2024 compared to 97.9% in 2023.
Days on Market
Days on Market Until Sale: The time to sell a home increased to 30 days in May 2024, up from 15 days in May 2023. The cumulative days on market until sale also increased by 68.8%, from 16 days in May 2023 to 27 days in May 2024.
Millbridge Neighborhood Analysis
Millbridge, a prominent neighborhood in Waxhaw, NC, showcases its own set of real estate trends.
Sales and Pricing Trends
Closed Sales: Millbridge saw a variety of closed sales from January 2024 to June 2024, with prices ranging from $455,000 to $850,000. Notable sales include 5001 Millbridge Pkwy, which closed at $780,000, and 6012 Britannia Blvd, which closed at $530,000.
Price Per Square Foot: The price per square foot varied significantly, with some properties like 5031 Lydney Cir selling for $268.12 per square foot, reflecting the high value placed on homes in this neighborhood.
Market Efficiency
Sale Price to List Price Ratio: Homes in Millbridge consistently sold close to or above their list prices, with ratios ranging from 97% to 107%, indicating a strong sellerβs market.
Days on Market: Homes in Millbridge also saw varied days on market, with some properties selling in as few as zero days, while others took over 200 days. The median days on market were notably lower, indicating a brisk market for well-priced homes.
Conclusion
The Waxhaw real estate market, including the Millbridge neighborhood, continues to show robust activity with increasing home values and inventory levels. These trends provide opportunities for both buyers and sellers to navigate the market effectively. For personalized insights and expert guidance, contact your local real estate professional.